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Pioneer Technologies is a manufacturer of medical equipment. The Year 1 financial statements for the firm are shown below: Balance Sheet as of December 31, Year 1 (thousands of dollars) Cash Receivables Inventories Total current assets Net fixed assets Total assets OO,OOO go,ooo $360,000 $650,000 $710,000 Accounts payable Notes payable Accruals Total current liabilities Common stack Retained earnings Total liabil & equity Sl 70,000 578,000 Sl 10,000 $358,000 sgoo,ooo Sl 02,OOO Income Statement for Year I(thousands of dollars) Sales Operating costs Earnings before interest and taxes Interest Earnings before taxes Taxes (40%) Net income Dividends (60%) Addition to retained earnings 52, 1 oo,ooo $276,000 510,140 $265,860 59,516 "5,710 563,806 Suppose that in Year 2, sales increase by 10 percent over Year 1 sales. Construct the pro forma financial statements using the constant growth method. Assume the firm operated at full capacity in Year 1. What wi II be the external funding requirement?